Statistics Canada says capital spending in the country’s oil and gas sector fell by 54 per cent in the quarter ended June 30 as numerous producers chopped budgets amid sliding global oil prices. The federal agency says the industry spent about $3.88 billion in the three-month period, down from $8.46 billion in the first quarter […]
Norwegian operator adds wells to suspended Canadian project, and indicates project sanction is a possibility for 2021 Norway’s Equinor has fleshed out plans for a beefed-up, 40-well subsea production system at its suspended Bay du Nord project off Canada and indicated a final investment decision on the US$5 billion scheme could come as early as […]
It has been known for some time that the drill rig Transocean Barents would be finishing up off Newfoundland in the coming weeks, but it was still a jolt for the approximate 160 workers to get their layoff notices this week. The rig was leased by Equinor for exploration in the Flemish Pass. Andrew Parsons, […]
But a full recovery would be contingent on how quickly a vaccine could be developed CALGARY – Despite projections that the coronavirus pandemic would hasten peak oil demand, global consumption for the commodity has rebounded by an astounding 13 million barrels per day in the past four months, according to a new study. Global oil […]
Equinor-led quartet in tune for multi-field development off Norway An Equinor-led quartet of operators has reached an agreement to develop several discoveries through subsea tie-backs to its Aasgard field in the Norwegian Sea for an estimated investment of up to Nkr10 billion ($1.2 billion). The Haltenbanken East development scheme would encompass five discoveries spanning four […]
Companies play catch-up to European counterparts on environmental, social goals For executives at Husky Energy’s headquarters in Calgary, there is a new wrinkle in how their pay is calculated: climate change. This is the first year the company is linking greenhouse gas emissions to compensation as part of a new plan that also includes a […]
Premier Andrew Furey and federal Intergovernmental Affairs Minister Dominic LeBlanc say they are on the same page when it comes to ensuring the future viability of Newfoundland and Labrador’s oil and gas sector. And while they remained short on details, LeBlanc seemed to hint at some sort of announcement in the coming weeks. Furey said […]
A survey made by the Norwegian statistics bureau SSB revealed that oil and gas investment in Norway will rise more this year and decline less in 2021 than predicted a few months ago. Oil firms, including giant Equinor, decided to go through with several projects after the Norwegian government granted tax incentives in June to encourage investment following a […]
The Canada Energy Regulator says its expects oil production in Canada will average 4.38 million barrels per day this year, down by 6.6 per cent compared with 2019. The federal regulator says it expects oil production to gradually recover over the balance of 2020 after producers halted what analysts estimate was as much as one […]
It’s an understatement to say the slowness of these programs has generated skepticism within the industry Well, imagine that, a Canadian oil producer is set to receive help from the federal government’s much-touted financial assistance programs for the energy sector. It took a while — 17 weeks, in fact — since the initial promise of […]
